SPL Projects: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SPL Projects
Largest movements
- Receivables after one year +€60,000
new in 2025: €60,000
- Tangible fixed assets +€57,772
up €57,772 (+85.7%), from €67,415 to €125,188
of which Furniture and vehicles: +€64,742
- Receivables within one year -€50,945
down €50,945 (-100.0%), from €50,945 to €0
- Cash +€3,110
up €3,110 (+10.0%), from €31,057 to €34,167
mainly Receivables within one year (+€50,945) and Net result for the year (+€42,170)
- Debts after one year +€36,115
up €36,115 (+91.9%), from €39,279 to €75,395
- Reserves +€22,170
up €22,170 (+30.7%), from €72,247 to €94,417
- Other debts +€9,824
new in 2025: €9,824
- Tax, wage and social debts -€7,289
down €7,289 (-39.1%), from €18,661 to €11,372
of which Taxes: -€9,484
- Current portion of long-term debt +€5,566
up €5,566 (+42.7%), from €13,023 to €18,588
- Gross operating margin +€16,203
up €16,203 (+28.8%), from €56,216 to €72,420
- Depreciation -€5,179
down €5,179 (-34.4%), from €15,075 to €9,896
- Taxes +€4,790
up €4,790 (+57.5%), from €8,329 to €13,119
- Financial income +€2,014
up €2,014 (+1632.4%), from €123 to €2,138
- Other operating charges +€1,682
up €1,682 (+199.4%), from €844 to €2,526
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €149,417 | €221,492 | +€72,075 | +48.2% |
| Fixed assets | 21/28 | €67,415 | €125,188 | +€57,772 | +85.7% |
| Tangible fixed assets | 22/27 | €67,415 | €125,188 | +€57,772 | +85.7% |
| Furniture and vehicles | 24 | €59,171 | €123,914 | +€64,742 | +109.4% |
| Leasing and similar rights | 25 | €6,606 | €0 | -€6,606 | -100.0% |
| Other tangible fixed assets | 26 | €1,638 | €1,274 | -€364 | -22.2% |
| Current assets | 29/58 | €82,002 | €96,304 | +€14,303 | +17.4% |
| Amounts receivable after more than one year | 29 | - | €60,000 | +€60,000 | |
| Other amounts receivable | 291 | - | €60,000 | +€60,000 | |
| Amounts receivable within one year | 40/41 | €50,945 | €0 | -€50,945 | -100.0% |
| Other amounts receivable | 41 | €50,945 | €0 | -€50,945 | -100.0% |
| Cash at bank and in hand | 54/58 | €31,057 | €34,167 | +€3,110 | +10.0% |
| Deferred charges and accrued income | 490/1 | €0 | €2,138 | +€2,138 | |
| Total equity and liabilities | 10/49 | €149,417 | €221,492 | +€72,075 | +48.2% |
| Equity | 10/15 | €74,247 | €96,417 | +€22,170 | +29.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €72,247 | €94,417 | +€22,170 | +30.7% |
| Distributable reserves | 133 | €72,247 | €94,417 | +€22,170 | +30.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €75,170 | €125,075 | +€49,905 | +66.4% |
| Amounts payable after more than one year | 17 | €39,279 | €75,395 | +€36,115 | +91.9% |
| Financial debts | 170/4 | €39,279 | €75,395 | +€36,115 | +91.9% |
| Amounts payable within one year | 42/48 | €35,891 | €49,080 | +€13,189 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €13,023 | €18,588 | +€5,566 | +42.7% |
| Trade debts | 44 | €4,207 | €9,296 | +€5,088 | +121.0% |
| Suppliers | 440/4 | €4,207 | €9,296 | +€5,088 | +121.0% |
| Taxes, remuneration and social security | 45 | €18,661 | €11,372 | -€7,289 | -39.1% |
| Taxes | 450/3 | €18,224 | €8,740 | -€9,484 | -52.0% |
| Remuneration and social security | 454/9 | €438 | €2,633 | +€2,195 | +501.6% |
| Other amounts payable | 47/48 | - | €9,824 | +€9,824 | |
| Accrued charges and deferred income | 492/3 | €0 | €600 | +€600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,075 | €9,896 | -€5,179 | -34.4% |
| Other operating charges | 640/8 | €844 | €2,526 | +€1,682 | +199.4% |
| Non-recurring operating charges | 66A | €4,030 | €3,233 | -€797 | -19.8% |
| Gross operating margin | 9900 | €56,216 | €72,420 | +€16,203 | +28.8% |
| Operating profit (loss) | 9901 | €36,267 | €56,765 | +€20,498 | +56.5% |
| Financial income | 75/76B | €123 | €2,138 | +€2,014 | +1632.4% |
| Recurring financial income | 75 | €123 | €2,138 | +€2,014 | +1632.4% |
| Financial charges | 65/66B | €2,265 | €3,614 | +€1,349 | +59.6% |
| Recurring financial charges | 65 | €2,265 | €3,614 | +€1,349 | +59.6% |
| Profit (loss) for the period before taxes | 9903 | €34,126 | €55,289 | +€21,163 | +62.0% |
| Income taxes | 67/77 | €8,329 | €13,119 | +€4,790 | +57.5% |
| Profit (loss) for the period | 9904 | €25,797 | €42,170 | +€16,373 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,797 | €42,170 | +€16,373 | +63.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.